30 June 2026, Global Investment Report

Over the last 5 years through December 2025, the Top 50 again trailed the market by less than a percentage point while experiencing far less risk. And as usual, the Top 50 generated far superior risk-adjusted returns, experiencing half the market’s volatility and delivering nearly twice its Sharpe ratio.

It’s rare to simultaneously see strong investor optimism and sharply rising global risks.
Robust growth in earnings and AI spending are driving the former; increasing reliance on military force over diplomacy by a number of countries is driving the latter, significantly impacting global trade, energy, and international alliances.

A White House determined to increase American influence, business opportunities and economic growth may indeed be supporting the US economy, the dollar, and equity markets. But it’s also exacerbating macro risks, straining US credibility, the national debt, and credit markets.

The largest wildcards: continuing fallout from the Iran conflict that’s not likely to be
resolved any time soon and Russian aggression that could turn toward eastern Europe,
reflecting an increasingly more militarized and confrontational world.

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